The business will be renamed Drew Marine Signal and Safety and its corporate headquarters will remain in Havant, Hampshire, UK. The company envisages no change to its activities and customer support.
Len Gelosa, President and CEO of Drew Marine, said in a statement, "The acquisition of Chemring Marine is a perfect fit with our strategy to provide essential products for safety, reliability and compliance to the global maritime industry."
Drew Marine, owned by JF Lehman and Company, provides technical solutions and services for the marine industry. It specialises in fire, safety and rescue, cleaning and coatings, fuel management, welding and refrigeration, sealing products and water treatment sectors.
The transaction is conditional upon regulatory approvals, but is expected to be completed by the end of July.
Chemring Marine manufactures the market-leading Comet brand. Its products have been helping to save lives for more than 100 years and are specified by the world's navies, merchant fleets, fishing vessels, rescue services, airlines and leisure craft.
Chemring Marine is the world's leading supplier of SOLAS, MED & USCG-approved marine distress signals to commercial and leisure marine markets.
The company is at the forefront of campaigning for improved global marine safety regulations, including introducing standardised rules on replacing dated safety products.